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As the deadline approaches for the decision to opt out of the existing $22 million settlement with Block.one (B1), the company responsible for the initial sale of EOS in a $4 billion initial coin offering (ICO) back in 2018, the EOS Network Foundation (ENF) has advised its community members to carefully consider their options.
The ENF argues that the current settlement might not adequately compensate community members for their losses due to B1’s alleged “misrepresentations and wrongful actions.”
A minuscule portion to pay back
On Aug. 8, the ENF pointed out that B1 had only paid $22 million of the $4 billion raised, which included an unrealized commitment of $1 billion for the EOS Network and its community.
The EOS Network Foundation Urges $EOS Community to Reject @B1 SettlementThe EOS Network Foundation (ENF) has received numerous questions from community members over the last several weeks as to whether community members should join or opt out of the proposed settlement of the… pic.twitter.com/4AKBmiv30B— EOS Network Foundation (@EOSnFoundation) August 8, 2023
ENF explains that those who accept the settlement may be barred from future legal action against B1 and its founders.
Critics argue that $22 million is inadequate for B1 to avoid accountability.
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The ENF urges caution and suggests that community members refrain from accepting the settlement to show dissatisfaction with the proposal.
The opt-out window closes on Aug. 29, 2023, and failure to opt out could result in automatic inclusion in the class.
EOS taking legal action
On July 25th, ENF founder and CEO Yves La Rose announced on X, formerly Twitter, would take legal action against B1 for not fulfilling its $1 billion commitment.
La Rose also noted that B1 is facing a separate class-action lawsuit seeking $22 million.
The ENF CEO pointed out that the EOS community has experienced significant challenges due to what they argue is B1’s failure to fulfill its obligations.
EOS Foundation suing Block.one for $1 billion commitment breach
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